Market Update 3.27.18 – LitePay Shuts Down Suddenly
Market News
LitePay Shuts Down Suddenly
The Litecoin Foundation, which oversees the development of Litecoin, announced on Monday that the merchant processor for the crypto, LitePay, suddenly shut shop. The startup launched its services on February 1 this year and claimed to offer crypto-wallets as well as a LitePay Debit Card which users could use to change Litecoins into US dollars.
The Litecoin Foundation was supportive of this new venture and even tweeted its support for the startup. However, despite officially launching on February 1, the startup did not begin to roll out its services till February 26. The last public communication was on March 16 on an Ask Me Anything session on Reddit.
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Twitter Banning Crypto Ads from Today
Twitter announced that it would be banning all crypto related ads from its website starting Tuesday, March 27. The social media site said that all ads related to token sales, ICOs, wallet services and exchanges would be removed from their website. However, ads from crypto-related public companies being traded on major stock exchanges would not be impacted by this ban.
The company stated that this was being done to protect the security and safety of its Twitter community. Read more here.
Coinbase Holding off Adding New Cryptos
While Coinbase avers that supporting new cryptocurrencies is a top priority for them, the cryptocurrency exchange is currently holding off adding new tokens to its trading list.
The reason for this, according to Coinbase’s general manager Dan Romero, the reason why the exchange is holding back is to see how the Securities and Exchange Commission classifies different types of cryptos. While there is a lot of speculation about what the SEC plans to do, it looks like the agency is gathering information to define when a cryptocurrency would be termed a security.
Since Coinbase is not (yet) a licensed broker, it cannot trade in instruments that would be defined as securities. Read the full story here.
Total Market Cap: Mar 27
In the last 24 hours, the volume of trade has gone up to $16.05 billion while the value of the cryptocurrency market has dropped below the $300 billion mark to $299.5 billion.
Bitcoin Price Analysis: Mar 27
Bitcoin’s price dropped below $8000 in the last 24 hours and is now trading at $7918.51 per token, which is a 6.80% drop from yesterday. The cryptocurrency’s trading volume went up slightly to $6.09 billion but its market value dropped to $134.15 billion.
Ethereum Price Analysis: Mar 27
Ethereum’s price dropped below the $500 mark for the first time since December 2017 and is now trading at $464.80, an 11.09% drop in the last 24 hours. Trading volume in Ethereum is currently at $1.66 billion and the altcoin’s market capitalization has dropped some more to $45.70 billion.
State of the Top 10 Cryptocurrencies: Mar 27
The last 24 hours have been a rout for the cryptocurrency market, with all top 10 cryptocurrencies plunging an average of 10%. The worst fall was by EOS, which dropped by 15.51%.
- Bitcoin’s token price is now $7918.51, falling 6.80%, and its market value is $134.15 billion.
- Ethereum’s token price is now $464.80, plunging 11.09%, and its market value is $45.70 billion.
- Ripple’s token price is now $0.574284, falling 9.15%, and its market value is $22.45 billion.
- Bitcoin Cash’s token price is now $894.45, falling 8.09%, and its market value is $15.24 billion.
- Litecoin’s token price is now $141.98, plunging 11.45%, and its market value is $7.92 billion.
- EOS’s token price is now $5.50, plunging 15.51%, and its market value is $4.14 billion.
- Cardano’s token price is now $0.154240, plunging 14.74%, and its market value is $3.99 billion.
- Stellar’s token price is now $0.213643, plunging 12.70%, and its market value is $3.96 billion.
- NEO’s token price is now $55.85, plunging 12.76%, and its market value is $3.63 billion.
- IOTA’s token price is now $1.18, plunging 10.60%, and its market value is $3.27 billion.